Thu, 21 Oct 2021

U.S. agricultural futures close mixed

Xinhua
12 Oct 2021, 06:49 GMT+10

CHICAGO, Oct. 11 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Monday, with corn rising and wheat and soybean slipping.

The most active corn contract for December delivery rose 2.5 cents, or 0.47 percent, to settle at 5.33 U.S. dollars per bushel. December wheat lost 2.25 cents, or 0.31 percent, to settle at 7.3175 dollars per bushel. November soybean shed 14.75 cents, or 1.19 percent, to settle at 12.2825 dollars per bushel.

Soybean went weaker amid profit taking in EU rapeseed. CBOT trading has been centered on positioning ahead of U.S. Department of Agriculture's (USDA) October production, supply and demand updates.

Other news is lacking as the U.S. Federal government is closed Monday on Columbus Day. Chicago-based research company AgResource expects the pace of U.S. soybean sales and shipments will be elevated moving forward as China at all times has excess soybean crush capacity and temporary adjustments should not have a long-term impact on its pace of soybean imports.

U.S. yield data will dominate price determination this week, AgResource holds.

The Brazilian government's decision on importing GMO wheat from Argentina initially scheduled for this week has been delayed until November. Argentina's GMO wheat issue must be closely followed over the next 30 days as Argentina is currently projected to export a near record 13.5 million tons in crop year 2021-2022.

Better than expected soybean yields are expected across U.S. Western Midwest, including drier regions of Minnesota, while corn yields in most regions remain uninspiring.

It will be drier across the Southern Plains in the 11-15 day period. Regionally heavy rainfall will challenge harvest progress in North Dakota, Iowa, Illinois and Missouri from Wednesday to Saturday. Then complete dryness and normal/above normal temperatures will blanket the whole of the Central U.S. on Oct. 16-26, and corn and soybean harvest should reach 70 percent to 80 percent complete by the end of the month.

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